Housing Friction and Transaction Costs

Kaz Nejatian is the CEO of Opendoor. In this conversation, we discuss the housing market, interest rates, and how Kaz is thinking about expanding access to homeownership. We also go inside Opendoor, including how AI is reshaping the home-buying and mortgage process, his approach to building companies, and why transparency and accountability to retail shareholders matter.

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• 0:00 – Intro

• 1:54 – Opendoor mission: tilting the world toward homeownership

• 8:41 – Opendoor’s next layer: AI-native mortgage & underwriting

• 13:34 – Shopify lessons: the “first-derivative” business model

• 19:48 – Retail shareholders & transparency/accountability

• 23:38 – Kaz’s principles: turning down money & career philosophy

• 29:47 – $1 CEO pay structure & aligning incentives with shareholders

• 37:04 – Kaz’s wife & building an independent media company

• 38:44 – Government policy & housing affordability

• 41:06 – Interest rates: where they should be & why

• 42:54 – Why economic data is wrong

• 46:25 – AI inside Opendoor: speed, efficiency, bringing jobs back

• 49:14 – Consultants/committees vs weekly reviews

• 54:12 – Message to retail shareholders